XML 41 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 22,365 $ 25,217
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 8,440 8,545
Amortization of deferred financing cost 350 542
Increase (decrease) to allowance for doubtful accounts (359) 498
Increase to inventory reserves 1,960 3,059
Amortization of deferred gain on sale of building (524) (524)
Equity (income) loss from joint ventures (147) 26
Employee Stock Ownership Plan allocation 913 2,188
Stock-based compensation 2,397 1,494
Excess tax benefits related to exercise of employee stock grants (152) (66)
(Increase) decrease in deferred income taxes (273) 142
Loss on discontinued operations, net of tax 1,211 749
Change in assets and liabilities:    
Increase in accounts receivable (16,149) (53,723)
Increase in inventories (19,527) (31,885)
Increase in prepaid expenses and other current assets (6,702) (1,501)
Increase in accounts payable 13,847 16,550
Increase in sundry payables and accrued expenses 13,526 19,304
Net change in other assets and liabilities (3,558) (3,014)
Net cash provided by (used in) operating activities 17,618 (12,399)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of and investments in businesses (37,726) (12,760)
Capital expenditures (6,379) (5,551)
Other investing activities 11 (596)
Net cash used in investing activities (44,094) (18,907)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings under line-of-credit agreements 37,664 27,881
Principal payments of long-term debt and capital lease obligations (44) (62)
Purchase of treasury stock (5,860) (1,151)
Increase in overdraft balances 1,784 11,324
Payment of debt issuance costs 0 (1,261)
Proceeds from exercise of employee stock options 97 142
Excess tax benefits related to the exercise of employee stock grants 152 66
Dividends paid (5,955) (5,037)
Net cash provided by financing activities 27,838 31,902
Effect of exchange rate changes on cash (704) (1,395)
Net increase (decrease) in cash and cash equivalents 658 (799)
CASH AND CASH EQUIVALENTS at beginning of period 5,559 13,074
CASH AND CASH EQUIVALENTS at end of period 6,217 12,275
Cash paid during the period for:    
Interest 370 664
Income taxes $ 18,516 $ 16,892